I wanna say something about wedge broken.
the wedge broken doesn't necessarily mean a big bearish case. It simply could be consolidation, or little down scenario.
in daily chart, we are still in range, I don't get why lots of people jump into swing bear camp.
China raises rate to fight inflation. However, the inflation is not homegrown, it is imported from U.S. due to Fed's QE2. The purpose of Fed's QE2 is to force China to appreciate Yuan, so dollar will fall to keep U.S. economy floating. China's raising rate will reduce the effect of QE2. Now investors expect a larger QE2 from Fed as a counteraction. This explains why both $SPX and TLT are rising today.